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[Finance] Self employed to receive 80% of income from the Gov’t too



Weststander

Well-known member
NSC Patreon
Aug 25, 2011
63,392
Withdean area
You only hadn’t to wait a few more days (& employers/employees haven’t received their 80% yet). It’s reported that the following will be announced. Favouring those who declared their true income in their last three personal tax returns!

“An amendment added to the Coronavirus Bill proposes statutory self-employment pay which would cover the lower of £2,917 or 80 per cent of a self-employed person's monthly earnings, averaged over the last three years”.

https://www.ftadviser.com/your-industry/2020/03/24/government-set-to-pay-80-of-self-employed-income/
 


spence

British and Proud
Oct 15, 2014
9,811
Crawley
Best conservative government in my lifetime. Never thought i would be pro Tory. Well done Boris.
 


Brightonfan1983

Tiny member
Jul 5, 2003
4,803
UK
You only hadn’t to wait a few more days (& employers/employees haven’t received their 80% yet). It’s reported that the following will be announced. Favouring those who declared their true income in their last three personal tax returns!

“An amendment added to the Coronavirus Bill proposes statutory self-employment pay which would cover the lower of £2,917 or 80 per cent of a self-employed person's monthly earnings, averaged over the last three years”.

https://www.ftadviser.com/your-industry/2020/03/24/government-set-to-pay-80-of-self-employed-income/

That's fantastic. I've just come off the main news websites and have found out this on NSC. (I don't read the Financial Times because I haven't got a pink bathroom).

I presume employees/employers haven't had their 80% because it's not payday yet? Or the Treasury is finding out that, like my housemates, some of them are faffing about in the garden sunshine doing bugger all?!
 


GM98

Well-known member
Sep 6, 2008
626
Shoreham
Does it cover zero hours contracts, or does another part of the governments measures cover those people? Not seen it mentioned.
 








Icy Gull

Back on the rollercoaster
Jul 5, 2003
72,015
Assuming this turns out to be true it’s great news but the 80% is only paid if you are not working at all isn’t it? If you do any work at all you don’t get the 80% on the previously announced details on the furlough of employed workers.

The vast majority of companies and I guess self employed would only have workers affected over the last week or so. Don’t see the government paying wages for many earlier than that.

Interesting that the limit is more than employed workers will get.
 


Change at Barnham

Well-known member
Aug 6, 2011
4,872
Bognor Regis
I wonder if the 80% would be calculated on my income gained from work done or whether it would be calculated on profit (after expenses were deducted)?
 




Icy Gull

Back on the rollercoaster
Jul 5, 2003
72,015
I wonder if the 80% would be calculated on my income gained from work done or whether it would be calculated on profit (after expenses were deducted)?

I imagine you will have to have done tax returns to be eligible? So I guess based on what your declared taxable earnings are?
 


redoubtable seagull

Well-known member
Oct 27, 2004
2,520
Employers pay their staff their normal wage and can then claim back the 80% from the HMRC. Details have not been issued yet. You can back date from 1/3 and the scheme runs to 31/5 and will then be reviewed. The remaining 20% from the employer is discretionary. And staff have to have accepted being furloughed.

Great news for the self employed, if this announced.
 


mikeyjh

Well-known member
Dec 17, 2008
4,473
Llanymawddwy
I wonder if the 80% would be calculated on my income gained from work done or whether it would be calculated on profit (after expenses were deducted)?

That's why it's complicated! One would assume that it's net of expenses you are still incurring but not of those you are not. Looks like the grants will be available in May so hopefully people have a bit of spare cash....
 




nicko31

Well-known member
Jan 7, 2010
17,522
Gods country fortnightly
So, is this hand out or a loan?

Wouldn't HMRC need to look at every companies set of accounts to decide if eligible?
 


Wrong-Direction

Well-known member
Mar 10, 2013
13,395
How does that work for me? I've only submitted a 9month year self employed so far when my dad retired, I've got my first full year to file this April but I havent been working 3 years on my own yet?

Sent from my SM-A600FN using Tapatalk
 


Wrong-Direction

Well-known member
Mar 10, 2013
13,395
So, is this hand out or a loan?

Wouldn't HMRC need to look at every companies set of accounts to decide if eligible?
Could take weeks / months which might work in my favour

Sent from my SM-A600FN using Tapatalk
 






SIMMO SAYS

Well-known member
Jul 31, 2012
11,702
Incommunicado
I retired through ill health after 45 years being self employed 18 months ago. The letters and phone calls back and forth to inform HMRC of this simple fact went on for months. Good luck everyone.
 




wellquickwoody

Many More Voting Years
NSC Patreon
Aug 10, 2007
13,585
Melbourne
Waiting for Jezza to find something to complain about....
 




Is it PotG?

Thrifty non-licker
Feb 20, 2017
23,099
Sussex by the Sea
Not going to benefit those working cash in hand or submitting 'creative' accounts in the past.

I wonder how may who claim on this system might continue to gain income from their self employment.
 


BN9 BHA

DOCKERS
NSC Patreon
Jul 14, 2013
21,450
Newhaven
Not going to benefit those working cash in hand or submitting 'creative' accounts in the past.

I wonder how may who claim on this system might continue to gain income from their self employment.

Windy Miller in posts #5 and #6 has beaten you to it by having a pop at the self employed.
 



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